1 00:00:02,960 --> 00:00:06,320 Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg 2 00:00:06,400 --> 00:00:10,680 Speaker 1: Daybreak for Tuesday May two. Coming up this hour. Stocks 3 00:00:10,760 --> 00:00:14,360 Speaker 1: stabilized following the lowest clothes in thirteen months, the FED 4 00:00:14,400 --> 00:00:18,720 Speaker 1: warrant of deteriorating liquidity conditions across key financial markets, and 5 00:00:18,760 --> 00:00:21,840 Speaker 1: as gas prices hit a record, President Biden gets ready 6 00:00:21,880 --> 00:00:25,720 Speaker 1: to deliver a speech on combatic inflation. Connecticut's governors signs 7 00:00:25,720 --> 00:00:28,480 Speaker 1: a budget with hundreds of millions and tax cuts, plus 8 00:00:28,520 --> 00:00:31,360 Speaker 1: the man hunt for a murder suspected and Alabama Corrections 9 00:00:31,400 --> 00:00:35,000 Speaker 1: officer is over. I'm Michael war More ahead, I'm John 10 00:00:35,080 --> 00:00:37,720 Speaker 1: dash Down forwards. Nightmare night for the Rangers. They lost 11 00:00:37,720 --> 00:00:40,440 Speaker 1: Game four in Pittsburgh seven to two. The Yankees top 12 00:00:40,479 --> 00:00:46,520 Speaker 1: Texas one, the nupping that's all's turning ahead on Bloomberg 13 00:00:46,560 --> 00:00:51,640 Speaker 1: Daybreak on Bloomberg Eliving three on New York, Bloomberg one, Washington, 14 00:00:51,760 --> 00:00:55,360 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 15 00:00:55,440 --> 00:00:59,680 Speaker 1: sixties and Francisco Sirius x M one nineteen and around 16 00:00:59,680 --> 00:01:02,319 Speaker 1: the world. Old on Bloomberg Radio dot Com and by 17 00:01:02,360 --> 00:01:09,800 Speaker 1: other Bloomberg Business and Good Morning. I'm Karen Moscow. I'm 18 00:01:09,880 --> 00:01:12,200 Speaker 1: Nathan Hegar Bloomberg Day Break Gronto You by b and 19 00:01:12,319 --> 00:01:15,160 Speaker 1: Y Melons. Pershing learned why the world's most sophisticated wealth 20 00:01:15,160 --> 00:01:18,480 Speaker 1: management and institutional firms rely on Pershing to help them 21 00:01:18,520 --> 00:01:22,360 Speaker 1: improve profitability, create efficiency, attract talent, and mantage risk at 22 00:01:22,400 --> 00:01:26,760 Speaker 1: Pershing dot Com and US futures are higher this morning. 23 00:01:27,000 --> 00:01:28,679 Speaker 1: It is six o one on Wall Street and we 24 00:01:28,760 --> 00:01:31,200 Speaker 1: check the markets every fifteen minutes throughout the trading day. 25 00:01:31,240 --> 00:01:33,959 Speaker 1: On Bloomberg S and P futures at thirty two points down, 26 00:01:34,040 --> 00:01:37,479 Speaker 1: futures up two hundred sixteen. NASDACK futures have one hundred 27 00:01:37,600 --> 00:01:41,520 Speaker 1: sixty ten year treasury of eight thirty seconds yield three percent, 28 00:01:41,880 --> 00:01:44,720 Speaker 1: the yield on the two year two point five eight percent, 29 00:01:44,800 --> 00:01:47,480 Speaker 1: and nine nex screwde oil is down one point six 30 00:01:47,560 --> 00:01:50,880 Speaker 1: percent Nathan mccaren. The rise in futures follows the lowest 31 00:01:50,960 --> 00:01:54,360 Speaker 1: close for US stocks in thirteen months. Hardest hit continues 32 00:01:54,400 --> 00:01:57,279 Speaker 1: to be the tech heavy NASDAC. The index slid another 33 00:01:57,320 --> 00:02:00,280 Speaker 1: four point three percent. The Nasdaq one hundred has a 34 00:02:00,320 --> 00:02:03,080 Speaker 1: three point four trillion dollars since the start of April. 35 00:02:03,320 --> 00:02:06,520 Speaker 1: Aaron Kennon is CEO at Clear Harbor Asset Management, you know, 36 00:02:06,560 --> 00:02:10,000 Speaker 1: we're continuing to see a dramatic sort of leakage of 37 00:02:10,000 --> 00:02:13,680 Speaker 1: liquidity from the capital market system, as the Fed uh 38 00:02:13,800 --> 00:02:18,440 Speaker 1: titans policy and as the fiscal weavers very much close 39 00:02:18,520 --> 00:02:22,160 Speaker 1: off and inflation is a huge concern pure Harbor as said. 40 00:02:22,160 --> 00:02:25,760 Speaker 1: Management Saron Kennon says tomorrow's inflation report, the consumer price 41 00:02:25,760 --> 00:02:29,040 Speaker 1: index will be important for market sentiment. Well, Nathan, before 42 00:02:29,040 --> 00:02:31,760 Speaker 1: we get that data, we're seeing hard evidence of price 43 00:02:31,800 --> 00:02:34,360 Speaker 1: pressures at the gas pump. The average retail price at 44 00:02:34,360 --> 00:02:37,120 Speaker 1: gasoline has hit a record four dollars and thirty seven 45 00:02:37,200 --> 00:02:40,040 Speaker 1: cents per gallon. President Biden will have more to say 46 00:02:40,040 --> 00:02:42,760 Speaker 1: about his efforts to combat rising prices in a speech 47 00:02:42,840 --> 00:02:45,880 Speaker 1: today being a preview from Amy Morris in our Bloomberg 48 00:02:46,639 --> 00:02:50,280 Speaker 1: newsroom in Washington. President Biden is expected to detail the 49 00:02:50,280 --> 00:02:53,560 Speaker 1: differences between his plan and a GOP proposal by Florida 50 00:02:53,639 --> 00:02:57,160 Speaker 1: Senator Rick Scott that would raise taxes while allowing Social 51 00:02:57,200 --> 00:03:01,119 Speaker 1: Security and Medicare to expire. Consume reprises rose in March 52 00:03:01,160 --> 00:03:04,480 Speaker 1: at the fastest pace since nine one, and of Americans 53 00:03:04,520 --> 00:03:08,960 Speaker 1: increasingly pessimistic about their finances despite strong job growth. It's 54 00:03:09,000 --> 00:03:11,800 Speaker 1: the biggest worry for voters ahead of the November midterms. 55 00:03:11,960 --> 00:03:14,440 Speaker 1: A CNN poll out last week found eight in ten 56 00:03:14,480 --> 00:03:18,040 Speaker 1: Americans don't believe the government is doing enough to fight inflation. 57 00:03:18,400 --> 00:03:21,440 Speaker 1: In Washington, I maybe Morris Bloomberg Daybreak, Amy, thank you, 58 00:03:21,480 --> 00:03:24,240 Speaker 1: and President Biden will deliver that speech around eleven thirty 59 00:03:24,240 --> 00:03:26,480 Speaker 1: a m. Wall Street Time. Catch it right here on 60 00:03:26,560 --> 00:03:29,919 Speaker 1: Bloomberg Radio. I meantime caring. The Federal Reserve is warning 61 00:03:29,919 --> 00:03:33,639 Speaker 1: a deteriorating liquidity conditions across key financial markets. We get 62 00:03:33,639 --> 00:03:37,720 Speaker 1: the details from Bloomberg's Charlie Pellet. In its semi annual report, 63 00:03:37,960 --> 00:03:41,200 Speaker 1: the FED sites rising risks from the war in Ukraine, 64 00:03:41,600 --> 00:03:46,000 Speaker 1: monetary tightening, and high inflation. The FED said, according to 65 00:03:46,040 --> 00:03:51,120 Speaker 1: some measures, market liquidity has declined since late one in 66 00:03:51,200 --> 00:03:55,360 Speaker 1: the markets for recently issued US cash treasury securities and 67 00:03:55,480 --> 00:03:59,240 Speaker 1: for equity index futures. FED Governor Lyle Brainard said the 68 00:03:59,240 --> 00:04:02,680 Speaker 1: war hast spar large price movements and margin calls in 69 00:04:02,760 --> 00:04:07,160 Speaker 1: commodities markets, and highlights of potential channel through which large 70 00:04:07,360 --> 00:04:12,480 Speaker 1: financial institutions could be exposed to contagion. In New York, 71 00:04:12,560 --> 00:04:15,920 Speaker 1: Charlie Pellett Bloomberg Daybreak, All right, Charlie, thank you, We'll 72 00:04:15,920 --> 00:04:18,280 Speaker 1: have much more from the Fed later this morning. We're 73 00:04:18,279 --> 00:04:21,840 Speaker 1: going to be speaking live with Cleveland Fed President Loretta Master. 74 00:04:22,279 --> 00:04:24,960 Speaker 1: That's coming up at eleven am Wall Street Time on 75 00:04:25,040 --> 00:04:28,640 Speaker 1: Bloomberg Radio and Television. Well, Nathan, we saw selling in 76 00:04:28,720 --> 00:04:32,680 Speaker 1: Asia overnight. Stocks fell for a seventh straight session, but 77 00:04:32,800 --> 00:04:35,960 Speaker 1: did pair earlier losses. We get the recap from Bloomberg's 78 00:04:36,000 --> 00:04:39,560 Speaker 1: Juliette Sally in Singapore. Good morning, Juliette, Good morning, Nathan 79 00:04:39,560 --> 00:04:41,480 Speaker 1: and Karen. The losses on the m c I Asia 80 00:04:41,520 --> 00:04:45,120 Speaker 1: Pacific Index mirrored the longest losing streaks since March twenty twenties, 81 00:04:45,240 --> 00:04:48,839 Speaker 1: stokes remaining at July twenty twenty lows. Hong Kong tech 82 00:04:48,920 --> 00:04:51,680 Speaker 1: shares took a dive on growth concerns and as the 83 00:04:51,680 --> 00:04:55,960 Speaker 1: city resumed trade after a long weekend. Mainland Chinese has rebounded, 84 00:04:55,960 --> 00:04:59,400 Speaker 1: but Black Roake abandoned its bullish stance on China, now 85 00:04:59,440 --> 00:05:02,840 Speaker 1: recommending a neutral stance on Chinese stocks and bonds as 86 00:05:02,839 --> 00:05:06,360 Speaker 1: the country's response to the pandemic takes a home in Singapore. 87 00:05:06,440 --> 00:05:10,040 Speaker 1: Juliet Sally, Bloomberg Daybreak. All right, Juliet, Thanks, Let's head 88 00:05:10,080 --> 00:05:14,560 Speaker 1: over to Europe. Now. We are seeing some stabilization in markets. 89 00:05:14,640 --> 00:05:17,919 Speaker 1: This morning, Bloomberg's Max Ramsey joins us live from London. 90 00:05:17,960 --> 00:05:21,000 Speaker 1: Good morning, Max, morning to you, Nathan and Karen. Yes, 91 00:05:21,080 --> 00:05:23,760 Speaker 1: seeing some gains in Europe. Not catching up with the 92 00:05:23,880 --> 00:05:26,440 Speaker 1: steep losses that we saw yesterday. But right now the 93 00:05:26,440 --> 00:05:29,240 Speaker 1: foot see up six tenths of eight percent, the dacks 94 00:05:29,320 --> 00:05:32,440 Speaker 1: up one point three percent, so really some steady gains. 95 00:05:32,600 --> 00:05:36,040 Speaker 1: Energy has been one of the worst performing sectors this morning, 96 00:05:36,080 --> 00:05:39,200 Speaker 1: though still holding steady or just about gaining. And of 97 00:05:39,200 --> 00:05:42,240 Speaker 1: course we have had wrangling over energy to do with 98 00:05:42,320 --> 00:05:45,480 Speaker 1: the U sanctions on Russia, and so that has been 99 00:05:45,760 --> 00:05:48,279 Speaker 1: bouncing up and down, but still managing to eke out 100 00:05:48,400 --> 00:05:51,839 Speaker 1: some gains. Live in London, Max Ramsey, boom Bag daybreak. 101 00:05:51,920 --> 00:05:54,360 Speaker 1: All right, Max, thank you well. Bitcoin trading higher this 102 00:05:54,400 --> 00:05:57,400 Speaker 1: morning after briefly falling below the thirty thousand level. The 103 00:05:57,440 --> 00:06:00,560 Speaker 1: recent plunges taken the digital token to of us last 104 00:06:00,600 --> 00:06:03,280 Speaker 1: seen in the middle of last year. Mcnova Grass is 105 00:06:03,320 --> 00:06:06,599 Speaker 1: founder and CEO of Galaxy Digital. I still think thirty 106 00:06:06,640 --> 00:06:09,720 Speaker 1: thousand should hold, right, We'll see if twelve thousand holds 107 00:06:09,760 --> 00:06:13,200 Speaker 1: the NASDAC and we bounce in the next few days, um, 108 00:06:13,400 --> 00:06:17,000 Speaker 1: then I think you'll see bitcoin thirty thirty thousand. Hold, 109 00:06:17,279 --> 00:06:20,440 Speaker 1: if the NASDAC falls and we head towards eleven thousand, 110 00:06:20,920 --> 00:06:23,680 Speaker 1: you know there's a shot that thirty thousand goes. Galaxy 111 00:06:23,720 --> 00:06:26,600 Speaker 1: Digital founder mcnova Grat says trading will be volatile for 112 00:06:26,680 --> 00:06:29,279 Speaker 1: at least the next few quarters. And turning to the 113 00:06:29,279 --> 00:06:31,880 Speaker 1: war in Europe, now, Karen president invited meets with Italian 114 00:06:31,920 --> 00:06:35,000 Speaker 1: Prime Minister Mario Draggy today as aid to Ukraine moves 115 00:06:35,000 --> 00:06:37,920 Speaker 1: forward on a couple of fronts. Bloomberg's Ed Baxter has 116 00:06:38,000 --> 00:06:41,640 Speaker 1: the story Congressional Democrats have drafted an aid package worth 117 00:06:41,680 --> 00:06:44,960 Speaker 1: almost forty billion dollars and plan on voting this week 118 00:06:45,240 --> 00:06:49,560 Speaker 1: without attaching COVID pandemic funding. This tops the president's ask 119 00:06:49,640 --> 00:06:52,880 Speaker 1: of thirty three billion. Biden meanwhile signed a World War 120 00:06:52,920 --> 00:06:56,560 Speaker 1: two era provision sending money to Ukraine across to the 121 00:06:56,600 --> 00:07:02,480 Speaker 1: fight is not chief but caving aggression. Even this provision 122 00:07:02,560 --> 00:07:06,080 Speaker 1: was enacted in one to help Europe fight off Hitler. 123 00:07:06,600 --> 00:07:10,680 Speaker 1: Congress could act as early as today. In San Francisco, 124 00:07:10,720 --> 00:07:14,320 Speaker 1: I'm at backster Bloomberg Daybreak. Alright, Ed, thank you, straight ahead, 125 00:07:14,360 --> 00:07:17,120 Speaker 1: we'll bring you your latest local headlines plus a check 126 00:07:17,160 --> 00:07:24,559 Speaker 1: of sports. This is Bloomberg. It sounds six oh seven 127 00:07:24,560 --> 00:07:26,720 Speaker 1: on Wall Street where fifty three degrees in Central Park. 128 00:07:26,800 --> 00:07:29,000 Speaker 1: Still dealing with an accident on the northbound FDR Drive 129 00:07:29,000 --> 00:07:31,720 Speaker 1: at ninety six. More coming up in traffic. First Michael 130 00:07:31,720 --> 00:07:33,520 Speaker 1: Barr with what else is going on in New York 131 00:07:33,560 --> 00:07:35,680 Speaker 1: and around the world. Michael, thank you very much. Nathan. 132 00:07:35,720 --> 00:07:38,720 Speaker 1: Connecticut tax payers, we'll see six hundred million dollars in 133 00:07:38,800 --> 00:07:42,560 Speaker 1: tax relief following the signing of the fiscal year twenty 134 00:07:42,640 --> 00:07:46,520 Speaker 1: three budget. Democratic Governor Need Lamont. The law extends a 135 00:07:46,560 --> 00:07:50,000 Speaker 1: gas tax holiday and child tax credit, as well as 136 00:07:50,040 --> 00:07:53,320 Speaker 1: increasing a property tax credit. Lamont described it as the 137 00:07:53,400 --> 00:07:57,600 Speaker 1: largest tax cut in state history. Voters in Newark, New Jersey, 138 00:07:57,600 --> 00:08:00,960 Speaker 1: are choosing a mayor today. Incumbent ros Baraka will face 139 00:08:01,000 --> 00:08:05,400 Speaker 1: a challenge from Sheila Montage. The Alabama corrections employee who 140 00:08:05,440 --> 00:08:08,000 Speaker 1: was on the run with an escaped inmate, is now dead. 141 00:08:08,440 --> 00:08:12,280 Speaker 1: Authorities in Indiana's say Vicky White shot herself as U 142 00:08:12,400 --> 00:08:16,240 Speaker 1: S Marshals closed in. Officers rammed the vehicle Vicky White 143 00:08:16,320 --> 00:08:20,120 Speaker 1: and Casey White were in, which then crashed. Alabama Sheriff 144 00:08:20,200 --> 00:08:23,560 Speaker 1: Rick Singleton says that Casey White is never getting out again. 145 00:08:23,880 --> 00:08:27,040 Speaker 1: We've got a dangerous man off the streak today. Uh 146 00:08:27,160 --> 00:08:29,440 Speaker 1: he is never going to see the lot of day again. 147 00:08:30,160 --> 00:08:32,480 Speaker 1: And uh, you know, that's a good thing for not 148 00:08:32,640 --> 00:08:35,160 Speaker 1: just our community, but that's a good thing for this country. 149 00:08:35,840 --> 00:08:39,560 Speaker 1: Sheriff Singleton says this has ended a very stressful week 150 00:08:39,640 --> 00:08:42,600 Speaker 1: and a half. New York's Attorney General says her state 151 00:08:42,640 --> 00:08:45,800 Speaker 1: will safeguard the right to abortion if the Supreme Court 152 00:08:45,840 --> 00:08:49,560 Speaker 1: overturns Roe v. Wade. Flatisia James says about thirty thousand 153 00:08:49,600 --> 00:08:53,400 Speaker 1: women just from Pennsylvania and Ohio alone could come to 154 00:08:53,440 --> 00:08:56,360 Speaker 1: New York seeking reproductive care. So a fund will be 155 00:08:56,480 --> 00:08:59,840 Speaker 1: established that James says, will help those women. James also 156 00:09:00,040 --> 00:09:04,200 Speaker 1: asked doubt on why anti abortion activists support bans on abortion. 157 00:09:04,480 --> 00:09:06,920 Speaker 1: What they should do is expand the childcare tax credit. 158 00:09:07,080 --> 00:09:09,720 Speaker 1: What they should do is expand universal school lunch. What 159 00:09:09,800 --> 00:09:12,560 Speaker 1: they should do is provide more funding for education and 160 00:09:12,640 --> 00:09:16,040 Speaker 1: childcare and daycare and prenatal care, and the list goes 161 00:09:16,160 --> 00:09:20,240 Speaker 1: on and on. If you truly care about children, A. G. 162 00:09:20,440 --> 00:09:25,079 Speaker 1: Latitia James, Andy Warhol's shot Sage Blue Maryland is sold 163 00:09:25,080 --> 00:09:28,800 Speaker 1: for a million dollars. That makes the iconic portrait of 164 00:09:28,800 --> 00:09:31,880 Speaker 1: actors Marilyn Monroe, the most expensive artwork by a US 165 00:09:32,000 --> 00:09:35,679 Speaker 1: artist ever sold at auction. Christie's Auction House in New 166 00:09:35,760 --> 00:09:40,160 Speaker 1: York held the sale. Alex rotteri's chairman of Christie's Century 167 00:09:40,200 --> 00:09:45,000 Speaker 1: Art Department, century Um Works of Art, American Works of Art. 168 00:09:45,120 --> 00:09:48,640 Speaker 1: It's the highest price ever paid, close to two hundred 169 00:09:48,640 --> 00:09:52,320 Speaker 1: million dollars. Uh, let it sink in. It's quite something, 170 00:09:52,640 --> 00:09:55,559 Speaker 1: Ruder says. The buyer is unknown. Global News twenty four 171 00:09:55,600 --> 00:09:58,120 Speaker 1: hours a day on airand on Bloomberg Quick Take, powered 172 00:09:58,120 --> 00:10:01,640 Speaker 1: by more than journalists. The list more than twenty countries. 173 00:10:02,000 --> 00:10:09,280 Speaker 1: Michael Barr, this is Bloomberg Naked. Thank you, Michael Kind 174 00:10:09,360 --> 00:10:10,800 Speaker 1: up to the six ten on Wall Street. Time for 175 00:10:10,800 --> 00:10:13,280 Speaker 1: the Bloomberg Sports that date with John Share. Thanks dayan. 176 00:10:13,320 --> 00:10:15,920 Speaker 1: The Rangers in Pittsburgh with hopes of winning Game four 177 00:10:15,960 --> 00:10:17,960 Speaker 1: to tie the series of two, instead of the Penguins 178 00:10:17,960 --> 00:10:20,160 Speaker 1: with a five goal on slaught in the second period. 179 00:10:20,480 --> 00:10:23,920 Speaker 1: They scored goals twenty four seconds apart. Later scored goals 180 00:10:23,920 --> 00:10:26,679 Speaker 1: thirty five seconds apart. They won seven to two. They 181 00:10:26,800 --> 00:10:28,800 Speaker 1: leave the series three to one. Game five tomorrow at 182 00:10:28,800 --> 00:10:31,720 Speaker 1: the Garden. Rangers coach Gerard Galanta has already said. Igor 183 00:10:31,800 --> 00:10:34,560 Speaker 1: says Durkin will stay in the Ranger goal A little 184 00:10:34,600 --> 00:10:37,640 Speaker 1: surprise he considering how poorly, says Durkin played in the 185 00:10:37,679 --> 00:10:40,080 Speaker 1: two games in Pittsburgh and three periods he gave up 186 00:10:40,120 --> 00:10:43,160 Speaker 1: ten goals. Alex Gorgi have relieved him in both games 187 00:10:43,160 --> 00:10:45,400 Speaker 1: and three periods he allowed two goals. But Galans last 188 00:10:45,440 --> 00:10:48,040 Speaker 1: night to Surkin is the best goalie in the NHL. 189 00:10:48,200 --> 00:10:51,800 Speaker 1: Colorado won at Nashville to complete a sweep Florida be Washington, 190 00:10:51,800 --> 00:10:54,320 Speaker 1: and overtime Calgary be Dallas. Those series are tied at two. 191 00:10:54,679 --> 00:10:57,360 Speaker 1: The Islander is in a surprise fired coach Barry Trot's 192 00:10:57,440 --> 00:11:00,640 Speaker 1: NBA Playoffs Boston rally to win. In Milwaukee, Golden State 193 00:11:01,000 --> 00:11:03,160 Speaker 1: beat Memphis. Far as crowd at the stadium for a 194 00:11:03,200 --> 00:11:05,679 Speaker 1: Yankee Mattenee makeup of a rain ap. Those that were 195 00:11:05,720 --> 00:11:08,880 Speaker 1: there saw near no hit or Esther Cortez lost it 196 00:11:08,960 --> 00:11:11,400 Speaker 1: with one out the eighth inning, kind of like fifth 197 00:11:11,440 --> 00:11:15,679 Speaker 1: going into six. I kept la Gampus scoreboard, Uh, I 198 00:11:15,760 --> 00:11:17,680 Speaker 1: see where my pitchcount was and stuff like that. So 199 00:11:18,240 --> 00:11:20,240 Speaker 1: and he was in a good spot, and and you know, 200 00:11:20,360 --> 00:11:23,360 Speaker 1: noticed that I hadn't get up at his so uh 201 00:11:23,559 --> 00:11:25,200 Speaker 1: you know it was. It was special Equal scored the 202 00:11:25,200 --> 00:11:27,080 Speaker 1: game's only run bottom of the eighth and ain't driven 203 00:11:27,080 --> 00:11:29,079 Speaker 1: in by Anthony Rizzo. They top text has one d 204 00:11:29,240 --> 00:11:31,520 Speaker 1: up and they had not one thirteen their last fifteen. 205 00:11:31,880 --> 00:11:34,280 Speaker 1: The Giants had to release one of their best players, 206 00:11:34,360 --> 00:11:37,800 Speaker 1: cornerback James Bradberry. Had to do it for salary cap reasons. 207 00:11:37,800 --> 00:11:40,480 Speaker 1: Tried to trade him, couldn't find a trade partner. John 208 00:11:40,520 --> 00:11:43,640 Speaker 1: stash Award Bloomberg Sports. Nathan, all right, John, thank you. 209 00:11:43,720 --> 00:11:46,679 Speaker 1: Right now, S and P futures are moving higher, up 210 00:11:46,720 --> 00:11:50,160 Speaker 1: thirty two points, Dow futures up two SIS that features 211 00:11:50,200 --> 00:11:52,320 Speaker 1: up a hundred sixty one points, the tenuere treasury up 212 00:11:52,360 --> 00:11:55,520 Speaker 1: seven thirty seconds, the yield three per cent more on 213 00:11:55,559 --> 00:11:58,760 Speaker 1: this market. Next, we'll be speaking with Patrick Armstrong of 214 00:11:58,880 --> 00:12:08,319 Speaker 1: Plurimi Wealth. You're listening to Bloomberg Day Brin Bloomberg eleven 215 00:12:08,320 --> 00:12:10,679 Speaker 1: three oh weather sunny, breezy, up for sixties today. We'll 216 00:12:10,679 --> 00:12:12,760 Speaker 1: get up to your seventy on a rossly sunny sky 217 00:12:12,800 --> 00:12:15,240 Speaker 1: tomorrow to be mostly sunny. Him in your seventy five 218 00:12:15,520 --> 00:12:22,320 Speaker 1: on Thursday. Our current temperature is fifty three degrees Markets, 219 00:12:22,400 --> 00:12:25,440 Speaker 1: headlines and breaking news twenty four hours a day at 220 00:12:25,520 --> 00:12:28,920 Speaker 1: Bloomberg dot Com, the Bloomberg Business a and at Bloomberg 221 00:12:28,960 --> 00:12:37,839 Speaker 1: Quick Tape This is a Bloomberg Business flash and I'm 222 00:12:37,880 --> 00:12:41,360 Speaker 1: camerin Moscow. US Dock Index futures are rising. They are 223 00:12:41,440 --> 00:12:44,640 Speaker 1: rallying along with European shares as if buyers emerged following 224 00:12:44,720 --> 00:12:48,240 Speaker 1: yesterday's sell off, although sentiment does remain fragile over concerns 225 00:12:48,240 --> 00:12:51,240 Speaker 1: about inflation and economic growth. We check the markets every 226 00:12:51,280 --> 00:12:53,920 Speaker 1: fifteen minutes throughout the trading day on Bloomberg Guess and 227 00:12:53,960 --> 00:12:57,160 Speaker 1: P futures up thirty points now futures up two hundred 228 00:12:57,200 --> 00:13:00,400 Speaker 1: eight and nasday futures have one five. The decks in 229 00:13:00,400 --> 00:13:03,000 Speaker 1: Germany's at one point to percent, the ten year treasury 230 00:13:03,040 --> 00:13:05,920 Speaker 1: of seven thirty seconds yell three percent. They yelled at 231 00:13:05,960 --> 00:13:08,880 Speaker 1: a two year two point five nine percent. Dimex Screwed 232 00:13:08,920 --> 00:13:11,079 Speaker 1: oil is down two per cent or two dollars eight 233 00:13:11,120 --> 00:13:13,240 Speaker 1: cents at a hundred one dollars three cents of barrel 234 00:13:13,480 --> 00:13:15,719 Speaker 1: comics gold is down a tenth of a percent or 235 00:13:15,720 --> 00:13:18,560 Speaker 1: two dollars fifty cents at eighteen fifty six ten announce. 236 00:13:18,920 --> 00:13:21,480 Speaker 1: The euro one point oh five four one against the dollar. 237 00:13:21,559 --> 00:13:24,160 Speaker 1: British found one point to three to three, the unit 238 00:13:24,200 --> 00:13:27,400 Speaker 1: one thirty point oh nine and bitcoin this morning. I've 239 00:13:27,400 --> 00:13:30,000 Speaker 1: wanted a half percent at thirty one thousand, four hundred 240 00:13:30,040 --> 00:13:33,120 Speaker 1: thirty dollars. That's a Bloomberg business flash. Now here's Michael 241 00:13:33,120 --> 00:13:35,640 Speaker 1: Barr with more on what's going on around the world. Michael, 242 00:13:36,040 --> 00:13:39,080 Speaker 1: thank you very much. Karen. Ukrainian officials say Russia is 243 00:13:39,120 --> 00:13:43,440 Speaker 1: founding the way at Ukraine's vital southern port of Odessa. Meanwhile, 244 00:13:43,480 --> 00:13:47,320 Speaker 1: President Biden says he's worried that Russian President Putin does 245 00:13:47,400 --> 00:13:49,560 Speaker 1: not have a way out right now of his war 246 00:13:49,600 --> 00:13:52,640 Speaker 1: in Ukraine. Biden signed a measure making it easier for 247 00:13:52,679 --> 00:13:56,040 Speaker 1: Washington to send weapons to keep. In the NBA playoffs, 248 00:13:56,040 --> 00:13:58,440 Speaker 1: the Celtics beat the Bucks to even their series at 249 00:13:58,440 --> 00:14:01,520 Speaker 1: two games apiece. The war Years beat the Grizzlies. However, 250 00:14:01,600 --> 00:14:05,120 Speaker 1: Warriors coach Steve Kerr tested positive for COVID before tip off. 251 00:14:05,520 --> 00:14:08,120 Speaker 1: In the NHL playoffs, the Rangers lost to the Penguins 252 00:14:08,120 --> 00:14:11,120 Speaker 1: to fall behind three games the one. The Capital's lost 253 00:14:11,160 --> 00:14:14,320 Speaker 1: to the Panthers. In baseball, the Yankees Orioles Giants and 254 00:14:14,360 --> 00:14:17,320 Speaker 1: A's all one. Global News twenty four hours a day 255 00:14:17,320 --> 00:14:19,920 Speaker 1: on air and on Bloomberg Quick Take Power by more 256 00:14:20,200 --> 00:14:22,920 Speaker 1: than twenty seven hundred journalists analysts more than a hundred 257 00:14:22,960 --> 00:14:26,760 Speaker 1: twenty countries. Michael Barr and this is Bloomberg, Nathan, Thanks Michael. 258 00:14:26,800 --> 00:14:29,240 Speaker 1: At six nineteen on Wall Street Live from the Bloomberg 259 00:14:29,240 --> 00:14:32,720 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and we're joined 260 00:14:32,760 --> 00:14:36,400 Speaker 1: now by Patrick Armstrong, chief investment officer at Plurimi Wealth, 261 00:14:36,520 --> 00:14:40,320 Speaker 1: with a relief rally underway on this Tuesday morning, Patrick, 262 00:14:40,560 --> 00:14:44,480 Speaker 1: are you buying this dept um? I'm sticking with what 263 00:14:44,520 --> 00:14:47,720 Speaker 1: I've got, so I'm pretty neutral equities right now. I'm 264 00:14:47,720 --> 00:14:49,640 Speaker 1: comfortable with the ones I've got to. I owned the 265 00:14:49,640 --> 00:14:52,840 Speaker 1: companies that are producing earnings in castle today, where I've 266 00:14:52,840 --> 00:14:55,480 Speaker 1: got my short swilled with those because I'm short the 267 00:14:55,520 --> 00:14:57,680 Speaker 1: kind of companies that don't have earnings jets and have 268 00:14:58,400 --> 00:15:01,120 Speaker 1: business models that I don't think have a path to profitability. 269 00:15:01,200 --> 00:15:04,360 Speaker 1: But it's a day. If you've not been overleveraged, you 270 00:15:04,360 --> 00:15:07,960 Speaker 1: can sit back and enjoy the recovery. But if you've 271 00:15:07,960 --> 00:15:10,960 Speaker 1: been leveraged, it's been a pretty couple of painful days 272 00:15:10,960 --> 00:15:14,880 Speaker 1: for markets. So where do you see markets. Going from here, 273 00:15:14,960 --> 00:15:20,480 Speaker 1: is there further for the stocks to fall? I think 274 00:15:20,520 --> 00:15:23,400 Speaker 1: there's further for stocks to fall because we've still not 275 00:15:23,480 --> 00:15:27,120 Speaker 1: got rid of the speculative excesses at the extreme end 276 00:15:27,120 --> 00:15:29,360 Speaker 1: of things. So the naz back one hunt came into 277 00:15:29,400 --> 00:15:33,080 Speaker 1: the year trading at five point six times price to sales. 278 00:15:33,720 --> 00:15:35,720 Speaker 1: That's fallen all the way down to three point eight 279 00:15:35,720 --> 00:15:37,640 Speaker 1: times priced to sales, which is a big move in 280 00:15:37,680 --> 00:15:42,480 Speaker 1: a multiple. But prior to twenty when multiples really started 281 00:15:42,480 --> 00:15:45,920 Speaker 1: shooting higher, the nasacs never traded at that multiple, so 282 00:15:46,160 --> 00:15:49,360 Speaker 1: we're still in elevated territory. UM. I think there's still 283 00:15:49,400 --> 00:15:53,040 Speaker 1: excesses in some of the the no earnings types of companies. 284 00:15:53,560 --> 00:15:56,200 Speaker 1: But if you're buying companies that are producing cash flow today, 285 00:15:56,880 --> 00:15:59,800 Speaker 1: I do think there's a If you do have dry powder, 286 00:16:00,000 --> 00:16:03,400 Speaker 1: you're in a good position because everything got thorn out yesterday. 287 00:16:03,560 --> 00:16:07,080 Speaker 1: UM energy stocks, where the worst performing sector, actually would 288 00:16:07,080 --> 00:16:09,240 Speaker 1: be adding to some oil stocks if I was buying 289 00:16:09,240 --> 00:16:14,520 Speaker 1: equities today. So uh, In terms of what we could 290 00:16:14,560 --> 00:16:19,440 Speaker 1: get from the inflation data coming out tomorrow, obviously inflation 291 00:16:19,560 --> 00:16:25,000 Speaker 1: has been a serious point of worry for investors. Are 292 00:16:25,040 --> 00:16:28,440 Speaker 1: we looking for signs of peak inflation? Do you see 293 00:16:28,480 --> 00:16:31,960 Speaker 1: that in the offing? It makes sense. Yeah, So the 294 00:16:31,960 --> 00:16:36,200 Speaker 1: consensus is expecting about eight point one percent inflation UM, 295 00:16:36,400 --> 00:16:38,600 Speaker 1: and that's down from where it was the previous month 296 00:16:38,600 --> 00:16:40,880 Speaker 1: a d eight and a half percent, So inflation is 297 00:16:40,960 --> 00:16:44,320 Speaker 1: rolling over. And see lower oil prices, lower commodity prices 298 00:16:44,360 --> 00:16:48,360 Speaker 1: in recent days, and the market's gone from a stagflationary 299 00:16:48,360 --> 00:16:51,880 Speaker 1: backdrop to pricing in more risks of recession. So there 300 00:16:51,880 --> 00:16:55,480 Speaker 1: has been demand destruction already on the higher prices UM. 301 00:16:55,560 --> 00:16:59,520 Speaker 1: China's policies are also creating recessionary forces as well. So 302 00:17:00,080 --> 00:17:02,280 Speaker 1: I do think we're at a local peak and inflation 303 00:17:02,400 --> 00:17:05,879 Speaker 1: where we're going to have extended period of many months 304 00:17:05,920 --> 00:17:08,560 Speaker 1: ahead of us with very high inflation, but we may 305 00:17:08,560 --> 00:17:10,200 Speaker 1: have seen the peak in it for this year now. 306 00:17:10,560 --> 00:17:12,879 Speaker 1: So are you thinking that that leaves room for even 307 00:17:12,920 --> 00:17:17,159 Speaker 1: more of a defensive trade. Do you see defensive names 308 00:17:17,240 --> 00:17:22,520 Speaker 1: moving higher in this environment? They could be an attraction 309 00:17:23,119 --> 00:17:27,399 Speaker 1: out of some of the more expensive steglative names. People 310 00:17:27,440 --> 00:17:30,880 Speaker 1: aren't looking for massive returns, they're looking for a relative safety. 311 00:17:31,000 --> 00:17:35,359 Speaker 1: So the consumer staples utilities were strong performers yesterday. The 312 00:17:35,480 --> 00:17:39,000 Speaker 1: valuation still don't excite me there, So the consumer stocks 313 00:17:39,000 --> 00:17:42,040 Speaker 1: are still trading at twenty eight times earnings, which isn't 314 00:17:42,119 --> 00:17:44,359 Speaker 1: cheap by any measure. But as you do get the 315 00:17:44,359 --> 00:17:46,439 Speaker 1: stability of the castles and the earnings there, I can 316 00:17:46,480 --> 00:17:50,560 Speaker 1: see those sectors attracting some capital while markets are sooballs out. 317 00:17:51,000 --> 00:17:53,359 Speaker 1: So where are you looking for opportunity at this point? 318 00:17:53,400 --> 00:17:59,000 Speaker 1: Is there opportunity in stocks? I would be buying semiconductors 319 00:17:59,080 --> 00:18:04,480 Speaker 1: in tech, so they've been hit double digits yesterday. Um. 320 00:18:04,560 --> 00:18:06,720 Speaker 1: Those are companies that are going to have pricing power 321 00:18:06,720 --> 00:18:11,560 Speaker 1: and revenue growth and traded understandable valuations to MEUM, So 322 00:18:11,640 --> 00:18:14,159 Speaker 1: within there, I think that makes sense. Energy stocks were 323 00:18:14,200 --> 00:18:18,440 Speaker 1: down seven to twelve percent yesterday. I think EU does 324 00:18:18,520 --> 00:18:21,520 Speaker 1: get to the point where they're putting restrictions on Russian 325 00:18:21,600 --> 00:18:23,959 Speaker 1: oil and that's going to be a support for all prices. 326 00:18:24,000 --> 00:18:26,400 Speaker 1: So those would the sectors I've been looking at today. 327 00:18:26,440 --> 00:18:30,280 Speaker 1: Are you on the outlook for a recession this year? 328 00:18:30,359 --> 00:18:32,919 Speaker 1: Do you see that happening and is there anything the 329 00:18:32,960 --> 00:18:36,960 Speaker 1: FED can do about it? Um? In Europe, I expect 330 00:18:37,040 --> 00:18:39,400 Speaker 1: a recession. I don't think the US will fall into 331 00:18:39,400 --> 00:18:41,800 Speaker 1: a recession. So the Fed's gonna keep hiking, but I 332 00:18:41,840 --> 00:18:44,040 Speaker 1: don't think they're going to want to provoke the recession. 333 00:18:44,080 --> 00:18:48,440 Speaker 1: And while unemployments so low wage, built is still feast 334 00:18:48,520 --> 00:18:52,760 Speaker 1: strong US consumers of the U S economy, and while 335 00:18:52,760 --> 00:18:55,640 Speaker 1: people have jobs and earnings growth, um, I think that 336 00:18:56,119 --> 00:18:59,080 Speaker 1: will prevent the recession of the United States. All right, 337 00:18:59,160 --> 00:19:02,359 Speaker 1: as always, drink good to get your thoughts. Patrick Armstrong 338 00:19:02,920 --> 00:19:06,760 Speaker 1: is the chief investment officer at Plurimi Wealth. As we 339 00:19:06,880 --> 00:19:09,480 Speaker 1: take a look at a market that is of seeing 340 00:19:09,680 --> 00:19:13,159 Speaker 1: some relief this morning after all the losses over the 341 00:19:13,240 --> 00:19:16,280 Speaker 1: last several weeks. We have a pick up in futures, 342 00:19:16,280 --> 00:19:19,719 Speaker 1: with SMP futures higher by thirty seven points right now, 343 00:19:19,880 --> 00:19:23,440 Speaker 1: DAL futures a two undred fifty five, Nasdaq futures on 344 00:19:23,480 --> 00:19:26,040 Speaker 1: the rise by a hundred seventy five points. The docks 345 00:19:26,040 --> 00:19:28,480 Speaker 1: in Germany is up one point four percent, while the 346 00:19:28,480 --> 00:19:31,240 Speaker 1: CAC in Paris is higher by almost nine tenths of 347 00:19:31,320 --> 00:19:34,560 Speaker 1: one percent. Looking at treasuries, the ten year is higher 348 00:19:34,640 --> 00:19:37,280 Speaker 1: by six thirty seconds now with the yield right at 349 00:19:37,320 --> 00:19:40,760 Speaker 1: three percent. Yield on the two year is two point 350 00:19:40,840 --> 00:19:44,359 Speaker 1: five nine percent. NIMEX Screwed is following by two percent, 351 00:19:44,440 --> 00:19:47,160 Speaker 1: down two dollars nine cents at a hundred one dollars 352 00:19:47,160 --> 00:19:49,680 Speaker 1: even a barrel and comics gold right now down a 353 00:19:49,760 --> 00:19:53,119 Speaker 1: tenth percent, down two dollars forty cents at eighteen fifty 354 00:19:53,200 --> 00:19:56,160 Speaker 1: six twenty for the ounce. Just ahead, we'll have more 355 00:19:56,280 --> 00:20:00,560 Speaker 1: on the recent stock volatility and President Biden's focus on inflation. 356 00:20:00,960 --> 00:20:02,960 Speaker 1: Five things you need to know to start your day 357 00:20:03,080 --> 00:20:09,639 Speaker 1: On Bloomberg Game Bloomberg eleven three oh weather sunny, breezy, 358 00:20:09,680 --> 00:20:12,080 Speaker 1: upper sixties Today, will be mostly sunny with a high 359 00:20:12,080 --> 00:20:15,520 Speaker 1: in year seventy tomorrow and mid seventies. Mostly sunny sky 360 00:20:15,600 --> 00:20:18,520 Speaker 1: by Thursday. Right now fifty three degrees in Central Park. 361 00:20:22,240 --> 00:20:26,760 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York. 362 00:20:26,880 --> 00:20:29,960 Speaker 1: Bloomberg E Living Free on to Washington, d C. Bloomberg 363 00:20:30,920 --> 00:20:34,160 Speaker 1: to Boston, Bloomberg one oh six one to San Francisco, 364 00:20:34,240 --> 00:20:37,920 Speaker 1: Bloomberg sixt to the country, Sirius XM chandle one nine 365 00:20:38,320 --> 00:20:41,480 Speaker 1: and around the globe the Bloomberg Business APT and Bloomberg 366 00:20:41,560 --> 00:20:50,879 Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's six thirty 367 00:20:50,880 --> 00:20:53,440 Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm 368 00:20:53,480 --> 00:20:56,200 Speaker 1: Karen Moscow, and we're just about three hours away from 369 00:20:56,200 --> 00:20:58,440 Speaker 1: the open of US trading time for the five things 370 00:20:58,520 --> 00:21:00,560 Speaker 1: you need to notice start your day. Brought to you 371 00:21:00,640 --> 00:21:03,720 Speaker 1: by Interactive Brokers Global Analysts. It helps you find you 372 00:21:03,800 --> 00:21:08,639 Speaker 1: global investment opportunities to diversify your portfolio and discover undervalued 373 00:21:08,680 --> 00:21:11,639 Speaker 1: companies then they have greater growth potential. Try i v 374 00:21:11,760 --> 00:21:15,000 Speaker 1: k our Global analysts today at ibkr dot com. Slash 375 00:21:15,040 --> 00:21:18,959 Speaker 1: g a first, US futures higher a day after songs 376 00:21:18,960 --> 00:21:21,359 Speaker 1: closed at their lowest level and over a year. Then 377 00:21:21,400 --> 00:21:24,040 Speaker 1: as DAK slumped yesterday and as E raised over three 378 00:21:24,160 --> 00:21:27,320 Speaker 1: trillion dollars since the start of April. Dan I've, senior 379 00:21:27,359 --> 00:21:30,760 Speaker 1: equity analysts at Wedbush Securities, believes the Tech Heavy index 380 00:21:30,840 --> 00:21:34,280 Speaker 1: is adjusting as we move past the pandemic. Long term, 381 00:21:34,320 --> 00:21:37,560 Speaker 1: it's healthy, it's painful in the near term. You guys 382 00:21:37,640 --> 00:21:42,120 Speaker 1: separate the work from home Thomas profit lists tact that's 383 00:21:42,160 --> 00:21:47,480 Speaker 1: down se versus rid view is more the high quality stalwarts. 384 00:21:47,480 --> 00:21:51,440 Speaker 1: Where we continue in terms of cloud software cyber security 385 00:21:51,480 --> 00:21:54,800 Speaker 1: exposed means, Dan I've said. Wedbush Security says there could 386 00:21:54,840 --> 00:21:57,680 Speaker 1: be more pain ahead for tech despite a strong long 387 00:21:57,800 --> 00:22:00,639 Speaker 1: term outlook. Well meantime, carrying the federal serve as warning 388 00:22:00,640 --> 00:22:03,920 Speaker 1: of deteriorating liquidity conditions across several markets. For more in 389 00:22:03,960 --> 00:22:06,200 Speaker 1: the central banks, stay tuned for an interview with Cleveland 390 00:22:06,240 --> 00:22:09,240 Speaker 1: Fed President Lauretta Mester live at eleven am Wall Street 391 00:22:09,280 --> 00:22:12,080 Speaker 1: Time on Bloomberg Radio and Television. Well, Nathan, turning to 392 00:22:12,080 --> 00:22:14,680 Speaker 1: the pump Now, the average retail price at gasoline hitting 393 00:22:14,680 --> 00:22:17,479 Speaker 1: a record high four dollars and thirty seven cents a gallon. 394 00:22:17,560 --> 00:22:20,719 Speaker 1: President Biden will address a rising prices later this morning. 395 00:22:20,920 --> 00:22:23,600 Speaker 1: Tune into Bloomberg Radio at eleven thirty Wall Street Time 396 00:22:23,640 --> 00:22:26,960 Speaker 1: to hear the president's full speech. Overseas, Karen, European stocks 397 00:22:26,960 --> 00:22:29,320 Speaker 1: are higher, will shares in Hong Kong, Japan, and South 398 00:22:29,400 --> 00:22:33,400 Speaker 1: Korea slumped. Mainland Chinese shares rebounded, but black Rock abandoned 399 00:22:33,400 --> 00:22:36,240 Speaker 1: its bullish China coll a mid COVID lockdowns and as 400 00:22:36,280 --> 00:22:39,640 Speaker 1: a dollar halts three day rally. This morning, Nathan. Bitcoin 401 00:22:39,760 --> 00:22:43,040 Speaker 1: is rebounding after it fell below thirty thousand dollars. Billionaire 402 00:22:43,080 --> 00:22:46,640 Speaker 1: crypto investor Michael nova Grats remains bullish on the token, 403 00:22:46,960 --> 00:22:50,240 Speaker 1: but warn't it more volatility. Well, the short term, you know, 404 00:22:50,320 --> 00:22:52,879 Speaker 1: outlook is painful and it's and it's gonna be, Like 405 00:22:52,920 --> 00:22:55,000 Speaker 1: I said, voluble with the rest of assets as the 406 00:22:55,040 --> 00:22:59,920 Speaker 1: FED adjusts from free money to normalized conditions. I'm really 407 00:23:00,040 --> 00:23:04,760 Speaker 1: do still see this as a very exciting asset class 408 00:23:04,800 --> 00:23:07,880 Speaker 1: and Galaxy Digital founder Michael Novegrad says Bitcoin could dip 409 00:23:07,960 --> 00:23:10,840 Speaker 1: further if an ASDAC continues to slide and bitcoin currently 410 00:23:10,880 --> 00:23:14,439 Speaker 1: trading at one thousand four really. Turning to the war 411 00:23:14,480 --> 00:23:17,200 Speaker 1: in Ukraine, Karen, Congress is drafted an aid package worth 412 00:23:17,240 --> 00:23:20,480 Speaker 1: close to forty billion dollars. At the same time, President 413 00:23:20,520 --> 00:23:23,000 Speaker 1: Biden has signed a measure making it easier for Washington 414 00:23:23,119 --> 00:23:25,640 Speaker 1: to send weapons to Ukraine. And as the five things 415 00:23:25,720 --> 00:23:27,760 Speaker 1: you need to notice start your day, brought to you 416 00:23:27,840 --> 00:23:31,160 Speaker 1: by Interactive Brokers and straight Ahead your latest local headlines 417 00:23:31,200 --> 00:23:38,840 Speaker 1: plus a check of sports, and this is Bloomberg. Thank you, Karen. 418 00:23:38,920 --> 00:23:41,000 Speaker 1: Six thirty three on Wall Street, fifty three degrees in 419 00:23:41,080 --> 00:23:43,639 Speaker 1: Central Park. Still dealing with the accident in northbound FDR 420 00:23:43,760 --> 00:23:46,760 Speaker 1: Drive at ninety details coming up in traffic. First Michael 421 00:23:46,760 --> 00:23:48,760 Speaker 1: Barr with what else is going on in New York 422 00:23:48,800 --> 00:23:51,480 Speaker 1: and around the world. Good morning, Michael, Good morning Nathan. 423 00:23:51,520 --> 00:23:54,760 Speaker 1: Connecticut Governor Ed Lamont calls at the largest tax cut 424 00:23:54,800 --> 00:23:58,600 Speaker 1: in state history. Connecticut taxpayers will see six hundred million 425 00:23:58,640 --> 00:24:01,960 Speaker 1: dollars in tax relief. Following Governor Lamont signing of the 426 00:24:02,000 --> 00:24:05,879 Speaker 1: fiscal year three budget, Leman says the law increases a 427 00:24:05,920 --> 00:24:09,640 Speaker 1: property tax credit from two hundred to three hundred dollars. 428 00:24:09,680 --> 00:24:11,679 Speaker 1: What we've done in terms of the car tax and 429 00:24:11,720 --> 00:24:15,040 Speaker 1: the property tax, all the middle class taxes, is a 430 00:24:15,080 --> 00:24:17,639 Speaker 1: way to tell the people in Connecticut, we get it. 431 00:24:17,640 --> 00:24:20,560 Speaker 1: It's a tough inflationary environment or doing everything you can 432 00:24:20,600 --> 00:24:23,040 Speaker 1: to make this state more affordable, and um, that's what 433 00:24:23,080 --> 00:24:26,080 Speaker 1: we meant to do today. Lamont says. The law also 434 00:24:26,119 --> 00:24:30,160 Speaker 1: extends a gas tax holiday and child tax credit. Attorney 435 00:24:30,200 --> 00:24:33,480 Speaker 1: General Letitia James says New York State will safeguard the 436 00:24:33,560 --> 00:24:36,600 Speaker 1: right to abortion if the Supreme Court moves forward with 437 00:24:36,640 --> 00:24:40,040 Speaker 1: overturning Roe v. Wade. James says that women in state 438 00:24:40,119 --> 00:24:43,119 Speaker 1: will be protected. New York obviously is a compassionate state, 439 00:24:43,320 --> 00:24:45,119 Speaker 1: a state that cares about others in a state that 440 00:24:45,160 --> 00:24:49,640 Speaker 1: recognize recognizes that if one individual um is not free, 441 00:24:49,680 --> 00:24:51,560 Speaker 1: than all of us are not free. A g. James 442 00:24:51,640 --> 00:24:55,040 Speaker 1: also says some thirty thousand women just from Pennsylvania and 443 00:24:55,080 --> 00:24:58,920 Speaker 1: Ohio could come to New York seeking reproductive care, so 444 00:24:59,000 --> 00:25:01,360 Speaker 1: a fund will be establ Blish that James says will 445 00:25:01,400 --> 00:25:04,399 Speaker 1: help women from out of state. Authorities say. A former 446 00:25:04,440 --> 00:25:08,119 Speaker 1: Alabama jail official has died and the murder suspect she 447 00:25:08,240 --> 00:25:12,480 Speaker 1: is accused of helping to escape has been apprehended. In Evansville, Indiana. 448 00:25:12,840 --> 00:25:14,840 Speaker 1: The two fugitives were on the run for more than 449 00:25:14,880 --> 00:25:17,680 Speaker 1: a week. They were caught after U. S. Marshals pursued 450 00:25:17,680 --> 00:25:21,040 Speaker 1: their vehicle and then crashed into it. Officials say Casey 451 00:25:21,080 --> 00:25:24,480 Speaker 1: White surrendered and Vicky White shot herself. She died from 452 00:25:24,480 --> 00:25:28,960 Speaker 1: her injuries. Lauderdale, Alabama County Sheriff Rick Singleton on Casey White, 453 00:25:29,480 --> 00:25:33,280 Speaker 1: he wore a fan, hand cuff and cackles. He's in there. 454 00:25:33,680 --> 00:25:35,760 Speaker 1: He wills to sue me for dialing. He said, well, right, 455 00:25:35,840 --> 00:25:39,040 Speaker 1: so be it. He's not getting out of this jail again. 456 00:25:39,600 --> 00:25:42,840 Speaker 1: Sheriff Singleton says they got a dangerous man off the street. 457 00:25:43,359 --> 00:25:46,720 Speaker 1: South Korea's new president has used his inauguration speech to 458 00:25:46,880 --> 00:25:50,600 Speaker 1: push for a solution with North Korea. June Skio plans 459 00:25:50,680 --> 00:25:54,960 Speaker 1: to help transform the North's economy if it genuinely begins 460 00:25:55,160 --> 00:25:59,800 Speaker 1: complete de nuclearization. Ferdinand Marcos Jr. Won a landslide victory 461 00:25:59,840 --> 00:26:03,280 Speaker 1: and Philippines presidential election. It brings his family back to 462 00:26:03,320 --> 00:26:06,160 Speaker 1: power in Manila, thirty six years after his dictator father 463 00:26:06,240 --> 00:26:09,360 Speaker 1: fled the country. Global News twenty four hours a day 464 00:26:09,400 --> 00:26:12,680 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 465 00:26:12,760 --> 00:26:16,399 Speaker 1: twenty seven hundred journalists analysts in more than one twenty countries. So, 466 00:26:16,520 --> 00:26:24,200 Speaker 1: Michael mar this is Bloomberg, Nathan, Thank you, Michael, almost 467 00:26:24,240 --> 00:26:26,560 Speaker 1: six thirty six on Wall Street. Here's John stash Areta 468 00:26:26,560 --> 00:26:29,480 Speaker 1: Bloomberg Sports upthing. All right, Nathan, what's happening to the Rangers? 469 00:26:29,520 --> 00:26:31,960 Speaker 1: After a fifty to win regular season? They played the 470 00:26:31,960 --> 00:26:34,359 Speaker 1: Penguins three times in a two week span late in 471 00:26:34,359 --> 00:26:36,080 Speaker 1: the year, and they won all three. But they've lost 472 00:26:36,080 --> 00:26:38,080 Speaker 1: three or four in the playoffs. And it was seven 473 00:26:38,119 --> 00:26:41,119 Speaker 1: to two last night. The Penguins, with seven different goal scorer, 474 00:26:41,160 --> 00:26:44,679 Speaker 1: scored five times in the second period twice they scored 475 00:26:44,720 --> 00:26:47,000 Speaker 1: twice in a span of less than a minute. Rangers 476 00:26:47,040 --> 00:26:49,480 Speaker 1: are a young team. Coach Gerard Glenn asked if that's 477 00:26:49,520 --> 00:26:52,080 Speaker 1: the reason for the postseason scul I wouldn't use the 478 00:26:52,080 --> 00:26:55,359 Speaker 1: word in experience, I'd used the word not committed to 479 00:26:55,440 --> 00:26:57,359 Speaker 1: playing the right way. You know. I mean we played 480 00:26:57,359 --> 00:27:00,119 Speaker 1: the right way in uh in New York. You know 481 00:27:00,200 --> 00:27:01,879 Speaker 1: we can want to get way play the right way tonight. 482 00:27:01,960 --> 00:27:04,920 Speaker 1: And it's not from the nacourage guy either. I mean 483 00:27:04,960 --> 00:27:07,480 Speaker 1: they're they're part of our group. But tonight you've seen 484 00:27:07,520 --> 00:27:10,560 Speaker 1: a lot of a lot of stuth bad played by 485 00:27:10,600 --> 00:27:12,760 Speaker 1: a lot of people. Igorge sisterk in the regular season 486 00:27:12,760 --> 00:27:14,920 Speaker 1: allowed an average of just over two goals per game 487 00:27:14,960 --> 00:27:17,879 Speaker 1: played three periods in Pittsburgh, gave up ten goals, and 488 00:27:17,960 --> 00:27:20,880 Speaker 1: yet Galan says he is sticky wishes Sterkin for Game 489 00:27:20,960 --> 00:27:23,320 Speaker 1: five tomorrow with the Garden and the Range in space elimination. 490 00:27:23,600 --> 00:27:26,200 Speaker 1: When Lou Lamorello ran the Devils, he had a history 491 00:27:26,200 --> 00:27:28,840 Speaker 1: of making coaching changes, and that runs the Islanders. He 492 00:27:28,960 --> 00:27:32,080 Speaker 1: just fired Barry Trots, who wanted Stanley Cup and Washington 493 00:27:32,160 --> 00:27:34,679 Speaker 1: had playoffs success with the Aisles. They missed the playoffs 494 00:27:35,000 --> 00:27:37,720 Speaker 1: this past season. Lamarello said the team needs a new voice. 495 00:27:38,040 --> 00:27:41,160 Speaker 1: NBA Golden State was without its coach. Steve Kirk tested positive. 496 00:27:41,200 --> 00:27:44,080 Speaker 1: Mike Brown just named the new coach in Sacramento. Coached 497 00:27:44,119 --> 00:27:47,280 Speaker 1: the Warriors, who win over Memphis. Boston wanted Milwaukee Yankee 498 00:27:47,320 --> 00:27:50,920 Speaker 1: bats for quiet for Nestor Cortez was nasty. Five outs 499 00:27:50,920 --> 00:27:53,120 Speaker 1: from a no hitter. Yanks finally broke up a scoreless 500 00:27:53,119 --> 00:27:56,159 Speaker 1: game eighteen naing be Texas one do nothing. Cortez is 501 00:27:56,240 --> 00:27:59,240 Speaker 1: the r as one point four one the Giants for 502 00:27:59,320 --> 00:28:02,600 Speaker 1: salary cap. Reasons for US to release cornerback James Bradberry, 503 00:28:02,800 --> 00:28:06,040 Speaker 1: John Stash, Bloomberg Sports Nathan all Right, John, thank you 504 00:28:06,119 --> 00:28:08,360 Speaker 1: sixty seven on Wall Street. Time to take a look 505 00:28:08,359 --> 00:28:10,280 Speaker 1: at stocks, some of the names moving in the pre 506 00:28:10,359 --> 00:28:13,720 Speaker 1: market on a turnaround Tuesday. Here's Bloomberg Radio on TV 507 00:28:13,800 --> 00:28:17,120 Speaker 1: Markets correspondent Credy Gupta. What's got your eye? Crety? Nathan, 508 00:28:17,160 --> 00:28:18,399 Speaker 1: You couldn't have said it better, I think, and go 509 00:28:18,440 --> 00:28:20,000 Speaker 1: home now because it's really all you need to know. 510 00:28:20,160 --> 00:28:22,440 Speaker 1: It's a complete bounce back from what you saw yesterday. 511 00:28:22,440 --> 00:28:24,920 Speaker 1: No real fundamental drivers here. Just when you sell off 512 00:28:24,960 --> 00:28:27,240 Speaker 1: as much as we did over the past couple of days, 513 00:28:27,280 --> 00:28:29,400 Speaker 1: remember when you have such a major self on Friday, 514 00:28:29,480 --> 00:28:30,919 Speaker 1: chances are you going to have a pretty bad one 515 00:28:30,920 --> 00:28:33,040 Speaker 1: on Monday. And that's exactly what we saw. So it's 516 00:28:33,080 --> 00:28:35,120 Speaker 1: totally normal to see this bounce back, and a lot 517 00:28:35,160 --> 00:28:37,000 Speaker 1: of it is led by big tech right off the 518 00:28:37,000 --> 00:28:39,560 Speaker 1: bat in the pre market. Apple shares, for example, A 519 00:28:39,680 --> 00:28:42,240 Speaker 1: A P L is your ticker up one percent, Microsoft 520 00:28:42,280 --> 00:28:44,920 Speaker 1: as well, M s FT up one and a half percent. 521 00:28:44,960 --> 00:28:47,320 Speaker 1: If you have those two stocks on your side, chances 522 00:28:47,360 --> 00:28:49,000 Speaker 1: are you're going to have a positive day for the 523 00:28:49,080 --> 00:28:51,760 Speaker 1: SMP five hundred. But it's not just the big Tex 524 00:28:51,760 --> 00:28:53,120 Speaker 1: stocks you have to keep an eye on. It really 525 00:28:53,120 --> 00:28:55,240 Speaker 1: trickles down to all tech, including to some of those 526 00:28:55,280 --> 00:28:57,880 Speaker 1: e V makers. Tesla we know, is that major heavyweight 527 00:28:57,880 --> 00:29:00,760 Speaker 1: as well. T s l A up too point seven 528 00:29:00,800 --> 00:29:03,280 Speaker 1: percent this morning, and taking with some of the other 529 00:29:03,320 --> 00:29:05,760 Speaker 1: evening makers as well, RIV and R I v N 530 00:29:05,880 --> 00:29:08,560 Speaker 1: up three percent. Lucid as well, l C i D 531 00:29:08,880 --> 00:29:11,400 Speaker 1: also up about two point seven percent. So very quickly 532 00:29:11,440 --> 00:29:14,080 Speaker 1: you can see that this all yesterday, at least in 533 00:29:14,120 --> 00:29:16,560 Speaker 1: the pre market, is not today's story. Nathan, Yes, so 534 00:29:16,640 --> 00:29:19,640 Speaker 1: some pandemic favorites included in the rally as well. Are 535 00:29:19,640 --> 00:29:22,080 Speaker 1: we seeing it play out in some of the meme names? 536 00:29:22,680 --> 00:29:24,840 Speaker 1: We are, But you know what I have to say, 537 00:29:24,840 --> 00:29:27,400 Speaker 1: I think this one might be a fundamental driver. Um, 538 00:29:27,520 --> 00:29:30,400 Speaker 1: this would stand all the horror I know. A M 539 00:29:30,480 --> 00:29:31,960 Speaker 1: C is the one I've got my eye on, and 540 00:29:32,040 --> 00:29:34,320 Speaker 1: we all know it as you said the meme name, 541 00:29:34,440 --> 00:29:36,680 Speaker 1: but it's actually up four percent on an earnings beat 542 00:29:36,880 --> 00:29:39,640 Speaker 1: thanks to hits like Spider Man No Way Home, Nathan. 543 00:29:39,680 --> 00:29:44,040 Speaker 1: Have you seen Spider Man? I have, of course I haven't. 544 00:29:44,360 --> 00:29:48,120 Speaker 1: It's not but it's a Marvel Cinematic University. I you know, 545 00:29:48,360 --> 00:29:50,480 Speaker 1: I just I can't get over Tobey Maguire not being 546 00:29:50,480 --> 00:29:54,400 Speaker 1: my man, so I'll never go back, sort of sort 547 00:29:54,440 --> 00:29:57,840 Speaker 1: of whatever. Anyways, throwing on some video game stocks, so 548 00:29:57,920 --> 00:29:59,479 Speaker 1: you are seeing some mixed action here. I think this 549 00:29:59,520 --> 00:30:01,560 Speaker 1: is really where you're going to see the divergence. Sony's 550 00:30:01,600 --> 00:30:05,080 Speaker 1: earnings fell short of estimates amidst supply constraints and component 551 00:30:05,160 --> 00:30:07,800 Speaker 1: shortages overnight, so you do see some mixed action in 552 00:30:07,840 --> 00:30:10,440 Speaker 1: those video game stocks act division. For example, A t 553 00:30:10,560 --> 00:30:12,960 Speaker 1: V I is your ticker up one percent, but then 554 00:30:12,960 --> 00:30:15,600 Speaker 1: E A Sports or EA Entertainer E rts I should 555 00:30:15,600 --> 00:30:18,960 Speaker 1: say UH is down one percent. The tickers just E A, 556 00:30:19,280 --> 00:30:20,640 Speaker 1: and then if you look at take T T t 557 00:30:20,920 --> 00:30:22,840 Speaker 1: w O, it's up one point seven percent. So if 558 00:30:22,840 --> 00:30:26,080 Speaker 1: you're not looking for a very clear turnaround Tuesday kind 559 00:30:26,080 --> 00:30:28,200 Speaker 1: of pattern, check out those video game stocks because looks 560 00:30:28,200 --> 00:30:30,520 Speaker 1: like they're going to be due for some volatility in 561 00:30:30,560 --> 00:30:32,280 Speaker 1: the session. I'm gonna wrap it up and they go 562 00:30:32,400 --> 00:30:34,360 Speaker 1: with some down stocks though, because there's a lot of 563 00:30:34,360 --> 00:30:37,120 Speaker 1: carrying on the screen. Novavax n v a X as 564 00:30:37,160 --> 00:30:40,840 Speaker 1: your ticker down. They reported their first profitable quarter but 565 00:30:41,000 --> 00:30:44,520 Speaker 1: missed their expectations. So bittersweet there and a lot of 566 00:30:44,560 --> 00:30:46,480 Speaker 1: that has to come, of course, with a little bit scrutiny. 567 00:30:46,480 --> 00:30:48,040 Speaker 1: Do we need that fourth shot? How does that play 568 00:30:48,080 --> 00:30:51,160 Speaker 1: into the vaccine maker's bottom line? Now? Not everything rallies 569 00:30:51,240 --> 00:30:54,800 Speaker 1: on a turnaround. Tuesday, Bloomberg Radio TV Markets correspondent Crety 570 00:30:54,840 --> 00:30:58,080 Speaker 1: Gupta with us in the pre market and looking at 571 00:30:58,120 --> 00:31:00,360 Speaker 1: stocks as a whole. They are moving or we have 572 00:31:00,480 --> 00:31:03,520 Speaker 1: SMP futures up up one percent, up forty points, DAL 573 00:31:03,600 --> 00:31:06,000 Speaker 1: futures up. Tune to eighty two points. Dance at futures 574 00:31:06,080 --> 00:31:08,200 Speaker 1: leading the way this morning, higher by a hundred seventy 575 00:31:08,200 --> 00:31:10,640 Speaker 1: seven points. That's a gain of one point four percent. 576 00:31:10,760 --> 00:31:13,560 Speaker 1: In the tenure treasury up four thirty seconds now the 577 00:31:13,600 --> 00:31:18,040 Speaker 1: yield three point zero one. You're listening to Bloomberg Daybreak 578 00:31:22,440 --> 00:31:25,360 Speaker 1: Bloomberg eleven three oh weather, sunny, breeze, upper sixties today 579 00:31:25,360 --> 00:31:27,800 Speaker 1: will be mostly sunny with a high near seventy tomorrow, 580 00:31:28,160 --> 00:31:32,400 Speaker 1: mostly sunny mid seventies by Thursday, currently fifty three degrees 581 00:31:32,440 --> 00:31:39,840 Speaker 1: in Central Park Markets. Headlines and breaking news twenty four 582 00:31:39,840 --> 00:31:42,920 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 583 00:31:42,920 --> 00:31:46,600 Speaker 1: at and at Bloomberg Quicktape. This is a Bloomberg Business 584 00:31:46,600 --> 00:31:55,640 Speaker 1: Flash and good morning. I'm Karen Moscow future is wimming 585 00:31:55,720 --> 00:31:58,360 Speaker 1: higher this morning. A week. Go to the First Word 586 00:31:58,400 --> 00:32:01,640 Speaker 1: Breaking news desk for today's morning call, and here's Bill Maloney. Bill, 587 00:32:01,680 --> 00:32:05,520 Speaker 1: good morning, and good morning Karen. Us features are bouncing 588 00:32:05,600 --> 00:32:07,840 Speaker 1: fter yesterday's sell off without futures of two hundred and 589 00:32:07,880 --> 00:32:10,520 Speaker 1: sixty four points, says if he's gained thirty seven Nasdack 590 00:32:10,560 --> 00:32:14,120 Speaker 1: futures are higher by one sixty nine. The US ten 591 00:32:14,200 --> 00:32:16,720 Speaker 1: year old drops to three point two percent. Gold is 592 00:32:16,800 --> 00:32:19,760 Speaker 1: up for oil is trading lower, but Bitcoin is trading 593 00:32:19,800 --> 00:32:22,760 Speaker 1: higher by one point five percent. Hong Kong dropped one 594 00:32:22,800 --> 00:32:25,840 Speaker 1: percent overnight, while up markets are in the green, led 595 00:32:25,880 --> 00:32:28,440 Speaker 1: by gains in France and Germany. Back in the US. 596 00:32:28,520 --> 00:32:31,160 Speaker 1: On the economic front, at eleven thirty Biden, we'll speak 597 00:32:31,200 --> 00:32:34,560 Speaker 1: on inflation after the bells night. Up Start reported is 598 00:32:34,600 --> 00:32:37,600 Speaker 1: down forty eight percent in the pre market and regarding 599 00:32:37,600 --> 00:32:40,440 Speaker 1: earnings this morning, look for pellets Onto report in the 600 00:32:40,440 --> 00:32:43,320 Speaker 1: pre market and on the news. Tesla denied a Rotors 601 00:32:43,320 --> 00:32:46,600 Speaker 1: report that it halted output in Shanghai and wrapping things 602 00:32:46,680 --> 00:32:49,880 Speaker 1: up Upstart was cut to neutral over Red Piper Live 603 00:32:50,000 --> 00:32:53,000 Speaker 1: from the first breaking newsscom by Maloney k all Right, Bill, 604 00:32:53,040 --> 00:32:54,959 Speaker 1: thank you and to hear live breaking news over her 605 00:32:55,000 --> 00:32:57,920 Speaker 1: Bloomberg type squawk on your terminal s q U A 606 00:32:58,160 --> 00:33:00,440 Speaker 1: w K and we are watching this headline and crossed 607 00:33:00,440 --> 00:33:04,720 Speaker 1: the Bloomberg fiser to buy bio Haven Pharmaceuticals in a 608 00:33:04,840 --> 00:33:08,120 Speaker 1: cash and stock deal. That's a Bloomberg business flash. Now 609 00:33:08,160 --> 00:33:10,360 Speaker 1: here's Michael Barrow with more on what's going on around 610 00:33:10,360 --> 00:33:13,160 Speaker 1: the world. Michael Darren, thank you very much. President Joe 611 00:33:13,160 --> 00:33:15,400 Speaker 1: Biden signed into the law and as you're designed to 612 00:33:15,440 --> 00:33:18,280 Speaker 1: make it easier for the US to send weapons and 613 00:33:18,320 --> 00:33:21,760 Speaker 1: supplies to Ukraine as the country continues to find off 614 00:33:21,760 --> 00:33:24,800 Speaker 1: the Russian invasion that began in February. For the first 615 00:33:24,840 --> 00:33:28,400 Speaker 1: time in more than sixty years, Queen Elizabeth will not 616 00:33:28,680 --> 00:33:31,920 Speaker 1: attend the opening of Parliament. In the NBA Playoffs, the 617 00:33:31,960 --> 00:33:34,280 Speaker 1: Celtics beat the Bucks to even their series at two. 618 00:33:34,280 --> 00:33:38,040 Speaker 1: Games apiece. The Warriors beat the Grizzlies. Warriors coach Steve 619 00:33:38,120 --> 00:33:41,120 Speaker 1: Kerr tested positive for COVID before tip off. In the 620 00:33:41,240 --> 00:33:43,920 Speaker 1: NHL playoffs, the Rangers lost to the Penguins to fall 621 00:33:43,960 --> 00:33:47,160 Speaker 1: behind three games to one. The Capitol's lost to the Panthers. 622 00:33:47,240 --> 00:33:51,360 Speaker 1: Baseball the Yankees Orioles Giant. Today's all one Global News 623 00:33:51,360 --> 00:33:54,160 Speaker 1: twenty four hours a day on air and on Bloomberg 624 00:33:54,240 --> 00:33:57,240 Speaker 1: Quick Tank, powered by more than twenty seven hundred journalists 625 00:33:57,240 --> 00:33:59,640 Speaker 1: and analysts in more than a hundred twenty countries. And 626 00:33:59,760 --> 00:34:02,520 Speaker 1: Michael bar this is Bloomberg. Cameron, all right, Michael, thank you, 627 00:34:02,560 --> 00:34:04,800 Speaker 1: says forty nine on Wall Street. We turned to news 628 00:34:04,800 --> 00:34:07,280 Speaker 1: and science and technology now at the Bloomberg and j 629 00:34:07,440 --> 00:34:09,880 Speaker 1: I T STEM Report brought to you by New Jersey 630 00:34:09,920 --> 00:34:13,920 Speaker 1: Institute of Technology, ranking top fifty national public university by 631 00:34:14,000 --> 00:34:16,680 Speaker 1: US News and World Report. And j I T is 632 00:34:16,760 --> 00:34:19,040 Speaker 1: Future in the Making. Learn more at n j I 633 00:34:19,160 --> 00:34:21,479 Speaker 1: T dot E d U and now Here's US making 634 00:34:21,520 --> 00:34:25,560 Speaker 1: News and science, Technology, engineering and math. China's tightening pandemic 635 00:34:25,600 --> 00:34:29,400 Speaker 1: restrictions in Shanghai and expanding a mass testing sweep in Beijing. 636 00:34:29,800 --> 00:34:32,880 Speaker 1: More people are being shipped off to government run isolation 637 00:34:33,000 --> 00:34:35,319 Speaker 1: centers under a new definition of what it means to 638 00:34:35,360 --> 00:34:38,400 Speaker 1: be a close contact. The country just reported the lowest 639 00:34:38,440 --> 00:34:41,920 Speaker 1: daily infections in almost two months. Global banks are now 640 00:34:41,960 --> 00:34:45,799 Speaker 1: pulling away from the gargantuan market they helped create for 641 00:34:45,880 --> 00:34:49,200 Speaker 1: blank check companies. Bloomberg News has learned that Goldman Sachs 642 00:34:49,320 --> 00:34:51,960 Speaker 1: is ending its involvement with most of the special purpose 643 00:34:52,000 --> 00:34:56,080 Speaker 1: acquisition companies it took public. Meanwhile, Bank of America scale 644 00:34:56,080 --> 00:34:59,200 Speaker 1: back work with some specs. And how much would you 645 00:34:59,239 --> 00:35:02,280 Speaker 1: pay for ACE space rod On Jeff Bezos is Blue 646 00:35:02,320 --> 00:35:06,920 Speaker 1: Origin New Shepherd capsule. It went for eight million dollars 647 00:35:07,000 --> 00:35:09,920 Speaker 1: last night in an event in Manhattan's Javits Center. The 648 00:35:09,920 --> 00:35:12,920 Speaker 1: winning bid came from Ken Griffin, a billionaire founder of 649 00:35:12,960 --> 00:35:15,920 Speaker 1: hedge fund Citadel. Griffin will donate the spot to a 650 00:35:15,960 --> 00:35:18,960 Speaker 1: New York City school teacher, whose selection will be organized 651 00:35:18,960 --> 00:35:21,920 Speaker 1: by the Robin Hood Foundation. Another school teacher from the 652 00:35:22,000 --> 00:35:24,719 Speaker 1: city will also be on that flight. And that's a 653 00:35:24,719 --> 00:35:28,240 Speaker 1: Bloomberg n j I t Stem report. Nathan Okay, Karen, 654 00:35:28,280 --> 00:35:30,880 Speaker 1: thank you. We're live from the Bloomberg Interactive Brokers studios 655 00:35:30,880 --> 00:35:33,080 Speaker 1: where it's six fifty on Wall Street. Time Now to 656 00:35:33,160 --> 00:35:34,880 Speaker 1: check what's going on in d C. Some of the 657 00:35:34,920 --> 00:35:38,240 Speaker 1: top stories in our nation's capital include Democrats weighing even 658 00:35:38,280 --> 00:35:41,080 Speaker 1: more aid to Ukraine than President Biden asked for, Mitch 659 00:35:41,120 --> 00:35:44,640 Speaker 1: McConnell vowing Republicans will not scrap the filibuster to pass 660 00:35:44,680 --> 00:35:48,040 Speaker 1: an abortion ban, and Senate Democrats planning a vote today 661 00:35:48,080 --> 00:35:51,640 Speaker 1: to confirm Lisa Cook is the next Fed governor. Also 662 00:35:51,719 --> 00:35:54,600 Speaker 1: making news, President Biden getting ready to highlight his efforts 663 00:35:54,640 --> 00:35:57,960 Speaker 1: against inflation in a speech later this morning. And Bloomberg 664 00:35:58,000 --> 00:36:01,040 Speaker 1: Washington correspondent Joe Matthew is back with us host of 665 00:36:01,080 --> 00:36:04,400 Speaker 1: Sound On here on Bloomberg Radio. Joe, I guess the 666 00:36:04,440 --> 00:36:08,319 Speaker 1: President is going to contrast his plans with Republicans, but 667 00:36:08,560 --> 00:36:11,600 Speaker 1: we're really seeing hard evidence of just what a challenge 668 00:36:11,760 --> 00:36:14,560 Speaker 1: this is going to be for the president. With gas 669 00:36:14,560 --> 00:36:17,719 Speaker 1: prices now at a record high across the country, that's 670 00:36:17,719 --> 00:36:21,000 Speaker 1: an ugly number four thirty seven, although some folks have 671 00:36:21,040 --> 00:36:23,719 Speaker 1: paid a lot more than that, it's pretty incredible to 672 00:36:23,760 --> 00:36:26,880 Speaker 1: see that new highs are still being reached. And the 673 00:36:26,880 --> 00:36:30,240 Speaker 1: President will be speaking today about prices across the board, 674 00:36:30,239 --> 00:36:32,200 Speaker 1: not just energy but food and all of the other 675 00:36:32,239 --> 00:36:35,600 Speaker 1: inflationary impacts that we've been talking about that the administration 676 00:36:35,640 --> 00:36:38,319 Speaker 1: has really struggled with. To your point, though, it's not 677 00:36:38,440 --> 00:36:40,600 Speaker 1: just talking about what's been done, and I'm sure that 678 00:36:40,600 --> 00:36:44,120 Speaker 1: we'll hear a cataloging of efforts that the administration is made. 679 00:36:44,120 --> 00:36:46,160 Speaker 1: He's going to talk about some of the components from 680 00:36:46,239 --> 00:36:49,359 Speaker 1: last year's Build Back Better that never became law that 681 00:36:49,400 --> 00:36:52,960 Speaker 1: he says need to happen, like lowering prescription drug prices, 682 00:36:53,000 --> 00:36:55,600 Speaker 1: extending the child tax credit. But he's gonna spend time 683 00:36:55,640 --> 00:36:57,839 Speaker 1: like he did last week, kind of cracked the door 684 00:36:57,880 --> 00:37:00,920 Speaker 1: on this last week in a speech about deficit reduction. 685 00:37:01,280 --> 00:37:03,200 Speaker 1: He will call out what he what he likes to 686 00:37:03,239 --> 00:37:06,680 Speaker 1: refer to as the Ultra Maga Agenda, which is a 687 00:37:06,719 --> 00:37:10,120 Speaker 1: series of economic proposals that have been forwarded by Republican 688 00:37:10,200 --> 00:37:13,000 Speaker 1: Senator Rick Scott. The White House says they'll raise taxes 689 00:37:13,000 --> 00:37:17,000 Speaker 1: on seventy five million Americans. It will also sunset programs 690 00:37:17,040 --> 00:37:20,279 Speaker 1: like Social Security. The President speaks very passionately about this, 691 00:37:20,320 --> 00:37:22,839 Speaker 1: and you get a sense right now, Nathan, that they're 692 00:37:22,880 --> 00:37:24,840 Speaker 1: kind of floating a balloon. This This really could be 693 00:37:24,880 --> 00:37:28,440 Speaker 1: a major talking point, Ultra Maga Agenda that will last 694 00:37:28,480 --> 00:37:30,799 Speaker 1: the next six months to the mid terms, they're gonna 695 00:37:30,840 --> 00:37:33,480 Speaker 1: give it a good run today. Yeah, and coming after 696 00:37:33,560 --> 00:37:36,359 Speaker 1: another talking point that we heard just about a month 697 00:37:36,400 --> 00:37:39,960 Speaker 1: ago Putin's price high. It is interesting to sort of 698 00:37:40,280 --> 00:37:43,440 Speaker 1: hear the messaging shifting here a little bit of printing 699 00:37:43,440 --> 00:37:46,200 Speaker 1: those yeah, exactly, and it sort of points to the 700 00:37:46,280 --> 00:37:51,360 Speaker 1: challenge for a president who is facing record uh inflation 701 00:37:51,640 --> 00:37:55,319 Speaker 1: pressures in terms of you know, historically high prices, and 702 00:37:55,400 --> 00:37:58,879 Speaker 1: the challenge only six months out before a mid term show. Well, 703 00:37:58,920 --> 00:38:00,759 Speaker 1: that's true. That's why you know, he will call on 704 00:38:00,840 --> 00:38:03,160 Speaker 1: Congress to pass some of the items that I mentioned, 705 00:38:03,920 --> 00:38:07,160 Speaker 1: more renewable energy sources, incentives to that end, which was 706 00:38:07,200 --> 00:38:10,319 Speaker 1: all part of that massive social spending bill that never 707 00:38:10,400 --> 00:38:13,360 Speaker 1: quite got through Congress last year. The problem is, it 708 00:38:13,440 --> 00:38:16,600 Speaker 1: remains unclear if if these could get past even through 709 00:38:16,640 --> 00:38:19,799 Speaker 1: a reconciliation bill, which would, as you might remember from 710 00:38:20,080 --> 00:38:23,600 Speaker 1: last year's exercise, would only require Democrats. But a lot 711 00:38:23,600 --> 00:38:26,719 Speaker 1: of these items are not terribly popular and and might 712 00:38:26,840 --> 00:38:29,920 Speaker 1: not get the full throat at support they would otherwise. 713 00:38:29,960 --> 00:38:32,319 Speaker 1: Because we're in the middle of this primary season and 714 00:38:32,360 --> 00:38:35,040 Speaker 1: really getting underway, we've got one today. Of course, West 715 00:38:35,120 --> 00:38:38,799 Speaker 1: Virginia and Nebraska. Things get serious next week with Pennsylvania, 716 00:38:39,000 --> 00:38:41,040 Speaker 1: and the job's only going to get more difficult as 717 00:38:41,080 --> 00:38:44,200 Speaker 1: we get closer to November. Here um I will mention 718 00:38:44,320 --> 00:38:48,400 Speaker 1: as well, the Ukraine funding that President Biden requested looks 719 00:38:48,440 --> 00:38:50,840 Speaker 1: like it would not be able to pass with COVID 720 00:38:50,880 --> 00:38:53,160 Speaker 1: funding attached to the bill, which is what Democrats were 721 00:38:53,160 --> 00:38:55,480 Speaker 1: hoping to do. So the President issued a statement late 722 00:38:55,560 --> 00:38:59,440 Speaker 1: yesterday saying that he he understands the reality of the situation. 723 00:38:59,680 --> 00:39:01,840 Speaker 1: It will be a clean bill, even bigger than what 724 00:39:01,880 --> 00:39:04,239 Speaker 1: they thought for Ukraine. The question is will they be 725 00:39:04,320 --> 00:39:06,800 Speaker 1: able to come back and pass COVID funding as a 726 00:39:06,840 --> 00:39:09,239 Speaker 1: standalone bill, and that's not looking great right now. Is 727 00:39:09,280 --> 00:39:12,560 Speaker 1: there a question as to whether even more funding than 728 00:39:12,560 --> 00:39:16,200 Speaker 1: the President asked for would be able to pass the Senate? 729 00:39:16,320 --> 00:39:18,920 Speaker 1: Is this going to move quickly? Likely? Will if it 730 00:39:19,000 --> 00:39:22,080 Speaker 1: stays clean? Right? They were talking about attaching COVID funding, 731 00:39:22,080 --> 00:39:24,919 Speaker 1: then Republicans came back and said, well, we want more 732 00:39:25,000 --> 00:39:27,200 Speaker 1: funding for the border and we want new language for 733 00:39:27,239 --> 00:39:30,080 Speaker 1: Title forty two. Uh So it looks like this will 734 00:39:30,120 --> 00:39:32,560 Speaker 1: be only money for Ukraine. It's not just weapons, it's 735 00:39:32,600 --> 00:39:37,880 Speaker 1: also humanitarian aid. Democrats in uh in the Senate and 736 00:39:37,920 --> 00:39:40,919 Speaker 1: the House have upped the anti here. The President asked 737 00:39:40,920 --> 00:39:43,640 Speaker 1: for thirty or three billion dollars. Who might remember, Nathan, 738 00:39:43,680 --> 00:39:47,800 Speaker 1: this is now a forty billion dollar bill. Uh. They've 739 00:39:47,840 --> 00:39:50,800 Speaker 1: added money for weapons as well as humanitarian aid about 740 00:39:50,800 --> 00:39:53,319 Speaker 1: three and a half billion dollars each, and it has 741 00:39:53,400 --> 00:39:56,120 Speaker 1: wide bipartisan support. Well, what does this mean for the 742 00:39:56,120 --> 00:39:58,480 Speaker 1: covid ai joe because that was something that the President 743 00:39:58,520 --> 00:40:02,120 Speaker 1: had been pushing forth. More are funding for testing, more 744 00:40:02,120 --> 00:40:05,799 Speaker 1: funding for vaccine distribution. Does that fall by the wayside now? Well, 745 00:40:05,840 --> 00:40:07,719 Speaker 1: it's not going to happen as part of this bill, 746 00:40:07,760 --> 00:40:11,440 Speaker 1: and it's really it's unclear what Democrats will have to 747 00:40:11,480 --> 00:40:13,239 Speaker 1: give up to get this, even though you would think 748 00:40:13,280 --> 00:40:16,759 Speaker 1: it was largely bipartisan, remembering the criticism of the administration 749 00:40:16,800 --> 00:40:20,000 Speaker 1: took months ago when Omicron showed up and there weren't 750 00:40:20,080 --> 00:40:22,440 Speaker 1: enough tests to go around, enough enough testing kits. This 751 00:40:22,480 --> 00:40:25,400 Speaker 1: could happen again. It's not just testing its therapeutics. To 752 00:40:25,440 --> 00:40:28,640 Speaker 1: your point, it's vaccines, but it may not see the 753 00:40:28,719 --> 00:40:31,160 Speaker 1: light of day unless they're again it's some Title forty 754 00:40:31,160 --> 00:40:34,000 Speaker 1: two money or something else that Republicans can get for that. 755 00:40:34,200 --> 00:40:36,840 Speaker 1: The President first asked for twenty two billion dollars it 756 00:40:36,920 --> 00:40:40,640 Speaker 1: got whittled down to ten billion dollars. As of today, 757 00:40:40,840 --> 00:40:43,879 Speaker 1: it's zero. Let's turn to the other issue that's been 758 00:40:44,080 --> 00:40:46,719 Speaker 1: bubbling up big time on the last week or so, 759 00:40:46,880 --> 00:40:50,680 Speaker 1: the abortion debate. What's happening with that vote in the 760 00:40:50,760 --> 00:40:56,000 Speaker 1: Senate on a national abortion rights codification. Well, the vote 761 00:40:56,040 --> 00:40:59,279 Speaker 1: is moving forward. We expect it tomorrow. And Senator Chuck 762 00:40:59,320 --> 00:41:03,160 Speaker 1: Schumer has been already clear about this, knowing UH that 763 00:41:03,360 --> 00:41:05,560 Speaker 1: he doesn't have the votes to make this happen. This 764 00:41:05,640 --> 00:41:08,600 Speaker 1: appears to be an exercising getting people on the record, 765 00:41:08,680 --> 00:41:12,560 Speaker 1: getting senators on the record. Uh. It's not likely that 766 00:41:12,600 --> 00:41:15,839 Speaker 1: a Republican is going to vote yes on this bill, 767 00:41:15,920 --> 00:41:18,200 Speaker 1: but we could see you know, we're still waiting to 768 00:41:18,239 --> 00:41:21,600 Speaker 1: hear from Susan Collins maybe Leasa Rakowski to see if 769 00:41:21,600 --> 00:41:23,719 Speaker 1: they come over to the Democrats side on this. But 770 00:41:23,800 --> 00:41:27,120 Speaker 1: it's not likely that this is going to pass. It will, however, 771 00:41:27,320 --> 00:41:30,400 Speaker 1: armed Democrats UH with a lot of fodder for the 772 00:41:30,440 --> 00:41:34,160 Speaker 1: campaign season to say, you know, number one, Uh, Republicans 773 00:41:34,239 --> 00:41:36,239 Speaker 1: voted against this, and if they do pass it, they 774 00:41:36,239 --> 00:41:38,239 Speaker 1: could say we did this all on our own. But 775 00:41:38,280 --> 00:41:40,160 Speaker 1: it is not expected to go that way. In fact, 776 00:41:40,160 --> 00:41:43,279 Speaker 1: they're already talking in the Democratic leadership about the plan 777 00:41:43,400 --> 00:41:45,239 Speaker 1: b the plans see they're saying that they are not 778 00:41:45,320 --> 00:41:48,799 Speaker 1: going to let this drop, essentially keeping it as a 779 00:41:48,840 --> 00:41:52,359 Speaker 1: conversation item, a debate item. As we work our way 780 00:41:52,360 --> 00:41:54,319 Speaker 1: through the mid terms. It's possible we will not see 781 00:41:54,400 --> 00:41:57,319 Speaker 1: legislation on this at all, as if there weren't enough 782 00:41:57,800 --> 00:42:02,560 Speaker 1: conversation items happening in Washing. Bloomberg's Joe Matthew very busy 783 00:42:02,600 --> 00:42:04,680 Speaker 1: man keeping on top of all of it for us 784 00:42:05,040 --> 00:42:08,439 Speaker 1: from the nation's capital, where we will be hearing from 785 00:42:08,480 --> 00:42:12,560 Speaker 1: President Biden and his remarks on inflation, his efforts to 786 00:42:12,640 --> 00:42:16,960 Speaker 1: tamp down forty year price pressures. Will bring you those 787 00:42:17,000 --> 00:42:20,920 Speaker 1: remarks live here on Bloomberg Radio. They're scheduled at around 788 00:42:20,920 --> 00:42:24,319 Speaker 1: eleven thirty Wall Street time, and you can catch more 789 00:42:24,320 --> 00:42:27,919 Speaker 1: of Joe on Bloomberg Sound on every weekday at five 790 00:42:28,000 --> 00:42:32,200 Speaker 1: pm Eastern. Right here on Bloomberg Radio, looking ahead to 791 00:42:32,239 --> 00:42:35,360 Speaker 1: the market open, we have futures higher right now. S 792 00:42:35,440 --> 00:42:39,239 Speaker 1: and P futures are up thirty points down, futures up 793 00:42:39,239 --> 00:42:43,520 Speaker 1: Tunic seventeen, Nasty futures up one fifty points. Bloomberg Surveillance 794 00:42:43,680 --> 00:42:46,920 Speaker 1: is up next for Karen Moscow I'm Nathan Hager, and 795 00:42:47,040 --> 00:42:48,960 Speaker 1: this is Bloomberger.